Broker network splits first ‘hub’ in two

Broker network splits first ‘hub’ in two | Insurance Business

Steadfast Group has decided that due to the size of its NSW business it will separate out its existing NSW ‘hubs’ into IRS Steadfast and Finn Foster.

The original plan was to have both Indemnity Corp and Finn Foster as one hub but yesterday broker network revealed that it will split the Sydney hubs into two.

Subject to agreement on price and structure, it is expected that Wagland Salter and DMA, both 100% owned by Steadfast, would be hubbed into IRS Steadfast shortly.

Further insurance broking businesses owned or partly owned in NSW would also be hubbed into one of the two hubs over time, allowing Steadfast to realise the expected economic benefits of hubbing over time.

Robert Kelly, MD & CEO of Steadfast, said: “This is a slight change from our previous strategy of having one hubbing vehicle in NSW. We now consider that the size of our business in NSW requires more flexibility in our hubbing strategy. We are fortunate to have two strong businesses in IRS Steadfast and Finn Foster to enable us to deliver our strategy for hubbing in NSW."